After you make the payment, you can start receiving regular monthly income payments immediately. Typically, that means 30 days from the date of deposit.
Within certain limits, you also have the option to defer the date that income payments begin.
In exchange for higher income, an income annuity permanently converts your principal to an income stream that can continue for life
For more information:
Clients: Call Client Care Center at 1-800-424-4990.
Selling Agents: Call Internal Wholesaling at 1-888-237-4210.
Tax-qualified contracts such as IRAs, 401(k)s, etc., are tax deferred regardless of whether or not they are funded with an annuity. If you are considering funding a tax-qualified retirement plan with an annuity, you should know that an annuity does not provide any additional tax-deferred treatment of earnings beyond the treatment by the tax-qualified retirement plan itself. However, annuities do provide other features and benefits such as income options.
Neither American General Life Insurance Company nor its agents or representatives are authorized to give legal, tax or accounting advice. Please consult your attorney, accountant, or tax advisor on specific points of interest.
The Western National series of annuities is issued and underwritten in New York by The United States Life Insurance Company in the City of New York and in all other states by American General Life Insurance Company.